Common use of Customer Default Clause in Contracts

Customer Default. In the event that: (i) Customer defaults on any obligations to ▇▇▇▇▇▇▇▇▇▇ hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) ▇▇▇▇▇▇▇▇▇▇ reasonably considers it necessary for its protection; then, ▇▇▇▇▇▇▇▇▇▇ shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due ▇▇▇▇▇▇▇▇▇▇ as immediately due and payable; (D) set off any obligations of ▇▇▇▇▇▇▇▇▇▇ to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy ▇▇▇▇▇▇▇▇▇▇; (E) sell any Collateral and/or set off and apply any obligations of Customer to ▇▇▇▇▇▇▇▇▇▇; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of ▇▇▇▇▇▇▇▇▇▇’▇ obligations for future performance to Customer. So long as ▇▇▇▇▇▇▇▇▇▇’▇ rights or position would not be jeopardized thereby, ▇▇▇▇▇▇▇▇▇▇ shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that ▇▇▇▇▇▇▇▇▇▇ shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by ▇▇▇▇▇▇▇▇▇▇ to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of ▇▇▇▇▇▇▇▇▇▇’▇ right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. In the event that: (i) Customer defaults on any obligations to ▇▇▇▇▇▇▇▇▇▇ hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a an attachment is issued against any Account or a judgment is levied against any Account; or (vi) ▇▇▇▇▇▇▇▇▇▇ reasonably considers it necessary for its protection; then, ▇▇▇▇▇▇▇▇▇▇ shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due ▇▇▇▇▇▇▇▇▇▇ as immediately due and payable; (D) set off any obligations of ▇▇▇▇▇▇▇▇▇▇ to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy ▇▇▇▇▇▇▇▇▇▇; (E) sell any Collateral and/or set off and apply any obligations of Customer to ▇▇▇▇▇▇▇▇▇▇; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of ▇▇▇▇▇▇▇▇▇▇’▇ obligations for future performance to Customer. So long as ▇▇▇▇▇▇▇▇▇▇’▇ rights or position would not be jeopardized thereby, ▇▇▇▇▇▇▇▇▇▇ shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that ▇▇▇▇▇▇▇▇▇▇ shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by ▇▇▇▇▇▇▇▇▇▇ to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of ▇▇▇▇▇▇▇▇▇▇’▇ right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. (a) In the event that: (i) Customer defaults on breaches or fails to timely and fully perform any of its obligations to ▇▇▇▇▇▇▇▇▇▇ hereunder or otherwise in respect of any transaction or agreementContract; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer or Advisor (if any) is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, Customer or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) ▇▇▇▇▇▇▇▇▇▇ Goldman, after notifying Customer and offering Customer the opportunity to provide adequate assurances acceptable to Goldman within a reasonable period of time under the circumstances, reasonably considers it necessary for its protection; then, ▇▇▇▇▇▇▇▇▇▇ then Goldman shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due ▇▇▇▇▇▇▇▇▇▇ Goldman as immediately due and payable; (D) set off any obligations of ▇▇▇▇▇▇▇▇▇▇ Goldman to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy ▇▇▇▇▇▇▇▇▇▇Goldman; (E) sell any Collateral and/or set off and apply any Collateral or the proceeds of the sale of any Collateral to satisfy any obligations of Customer to ▇▇▇▇▇▇▇▇▇▇Goldman; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of ▇▇▇▇▇▇▇▇▇▇’▇ obligations for future performance to Customer. . (b) So long as ▇▇▇▇▇▇▇▇▇▇’▇ rights or position would not be jeopardized thereby, ▇▇▇▇▇▇▇▇▇▇ Goldman shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) of Section 8(a) above before taking any such action, provided that ▇▇▇▇▇▇▇▇▇▇ Goldman shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by ▇▇▇▇▇▇▇▇▇▇ Goldman to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of ▇▇▇▇▇▇▇▇▇▇’▇ right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. (a) In the event that: (i) Customer defaults on any obligations to ▇▇▇▇▇▇▇▇▇▇ Goldman hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer or Advisor (if any) is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, Customer or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) ▇▇▇▇▇▇▇▇▇▇ Goldman, after notifying Customer and offering Customer the opportunity to provide adequate assurances acceptable to Goldman within a reasonable period of time under the circumstances, reasonably considers it necessary for its protection; then, ▇▇▇▇▇▇▇▇▇▇ then Goldman shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due ▇▇▇▇▇▇▇▇▇▇ Goldman as immediately due and payable; (D) set off any obligations of ▇▇▇▇▇▇▇▇▇▇ Goldman to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy ▇▇▇▇▇▇▇▇▇▇Goldman; (E) sell any Collateral and/or set off and apply any Collateral or the proceeds of the sale of any Collateral to satisfy any obligations of Customer to ▇▇▇▇▇▇▇▇▇▇Goldman; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of ▇▇▇▇G▇▇▇▇▇▇’▇ obligations for future performance to Customer. . (b) So long as ▇▇▇▇G▇▇▇▇▇▇’▇ rights or position would not be jeopardized thereby, ▇▇▇▇▇▇▇▇▇▇ Goldman shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) of Section 8(a) above before taking any such action, provided that ▇▇▇▇▇▇▇▇▇▇ Goldman shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by ▇▇▇▇▇▇▇▇▇▇ Goldman to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of ▇▇▇▇G▇▇▇▇▇▇’▇ right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. In the event that: (i) Customer defaults on any obligations to R.▇. ▇▇▇▇’▇▇▇▇▇ hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required marginmar- gin, fails to pay required premiums or fails to make any other payments pay- ments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy bank- ruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against CustomerCustom- er, or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing provid- ing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer Cus- tomer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) R.▇. ▇▇▇▇’▇▇▇▇▇ reasonably considers it necessary for its protection; then, R.▇. ▇▇▇▇’▇▇▇▇▇ shall have the right, without limitationlimi- tation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due R.▇. ▇▇▇▇’▇▇▇▇▇ as immediately immedi- ately due and payable; (D) set off any obligations of R.▇. ▇▇▇▇’▇▇▇▇▇ to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy R.▇. ▇▇▇▇’▇▇▇▇▇; (E) sell any Collateral and/or set off and apply any any obligations of Customer to R.▇. ▇▇▇▇’▇▇▇▇▇; (F) borrow or buy any options, securities, Contracts or other property for any AccountAc- count; and/or (G) terminate any or all of R.▇. ▇▇▇▇’▇▇▇▇▇’▇ obligations for future performance to Customer. So long as R.▇. ▇▇▇▇’▇▇▇▇▇’▇ rights or position would not be jeopardized thereby, R.▇. ▇▇▇▇’▇▇▇▇▇ shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that R.▇. ▇▇▇▇’▇▇▇▇▇ shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by R.▇. ▇▇▇▇’▇▇▇▇▇ to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of R.▇. ▇▇▇▇’▇▇▇▇▇’▇ right to take any action provided for herein and that Customer shall be liable for the payment pay- ment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).